EX-99.2 8 financialdata-992.txt SELECTED FINANCIAL DATA EXHIBIT 99.2 Includes annual information required by Statement of Financial Accounting Standards No. 142 ("SFAS NO. 142"), Goodwill and Other Intangible Assets. SELECTED FINANCIAL DATA
As of or for the nine months ended As of or for the year ended December 31, ---------------------------------- ---------------------------------------- September 30, (unaudited) ------------------------- OPERATIONS DATA: 2002 2001 2001 2000 1999 ------------ ------------ ------------ ------------ ------------ Revenue: Gross premiums written .......................... $ 47,174,213 $ 25,449,702 $ 34,271,338 $ 32,073,768 $ 19,273,561 Gross premiums ceded ............................ (19,274,613) (8,952,322) (12,789,404) (7,625,095) (6,221,853) ------------ ------------ ------------ ------------ ------------ Net premiums written ........................ 27,899,600 16,497,380 21,481,934 24,448,673 13,051,708 Decrease (increase) in unearned premiums, net of prepaid reinsurance premiums ........... (7,514,566) (1,349,054) (1,226,373) (4,127,334) 404,640 ------------ ------------ ------------ ------------ ------------ Net premiums earned ......................... 20,385,034 15,148,326 20,255,561 20,321,339 13,456,348 Commission income ............................... 1,862,398 2,232,027 2,828,779 2,780,869 4,410,856 Finance revenue ................................. 3,359,780 4,132,308 5,267,523 5,709,848 3,696,843 Managing general agent fees ..................... 2,398,163 4,542,094 5,871,388 5,410,500 963,797 Net investment income ........................... 1,013,456 787,169 1,066,641 1,225,413 853,659 Net realized investment gains (losses) .......... (1,456,513) (3,017,888) (2,911,658) (109,256) 952,153 Other income .................................... 2,378,468 2,561,108 3,098,332 2,214,894 1,043,798 ------------ ------------ ------------ ------------ ------------ Total revenue ............................... 29,940,786 29,385,144 35,476,566 37,553,607 25,377,454 ------------ ------------ ------------ ------------ ------------ Expenses: Losses and loss adjustment expenses ............. 10,743,363 12,208,912 16,154,902 14,990,118 8,094,677 Operating and underwriting expenses ............. 7,748,412 9,131,648 11,644,183 11,892,577 7,032,428 Salaries and wages .............................. 5,926,632 6,425,467 8,478,771 9,375,775 7,474,572 Amortization of deferred acquisition costs, net . 261,304 1,182,088 1,467,238 1,673,754 (18,563) Amortization of goodwill ........................ -- 416,548 540,010 606,653 547,548 ------------ ------------ ------------ ------------ ------------ Total expenses .............................. 24,679,711 29,364,663 38,285,104 38,538,877 23,130,662 ------------ ------------ ------------ ------------ ------------ Income (loss) before provision for income tax expense and extraordinary gain .................. 5,261,075 (2,979,519) (2,808,538) (985,270) 2,246,792 (Provision) benefit for income tax expense ......... 2,490,934 (653,817) 630,553 462,396 (680,061) ------------ ------------ ------------ ------------ ------------ Net income (loss) and extraordinary gain .... 2,770,141 (2,325,702) (2,177,985) (522,874) 1,566,731 Extraordinary gain ................................. -- 1,185,895 1,185,895 -- -- ------------ ------------ ------------ ------------ ------------ Net income (loss) ........................... $ 2,770,141 $ (1,139,807) $ (992,090) $ (522,874) $ 1,566,731 ============ ============ ============ ============ ============ Basic net income (loss) per share before extraordinary gain ....................... $ 0.92 $ (0.73) $ (0.69) $ (0.15) $ 0.46 ============ ============ ============ ============ ============ Extraordinary gain ................................. -- 0.37 0.38 -- -- ============ ============ ============ ============ ============ Basic net income (loss) per share .................. $ 0.92 $ (0.36) $ (0.31) $ (0.15) $ 0.46 ============ ============ ============ ============ ============ Cash dividends declared per share .................. $ 0.06 $ 0.06 $ 0.08 $ 0.02 -- ============ ============ ============ ============ ============ INFORMATION ADJUSTED TO EXCLUDE AMORTIZATION EXPENSE AND THE RELATED TAX EFFECTS RECOGNIZED IN THE PERIOD RELATED TO GOODWILL THAT IS NO LONGER BEING AMORTIZED AS REQUIRED BY SFAS NO. 142 Net income (loss) before extraordinary gain ........ $ 2,770,141 $ (2,325,702) $ (1,779,900) $ (77,229) $ 1,963,954 ============ ============ ============ ============ ============ Net income (loss) .................................. $ 2,770,141 $ (1,139,807) $ (594,005) $ (77,229) $ 1,963,954 ============ ============ ============ ============ ============ Basic net income (loss) per share before extraordinary gain ....................... $ 0.92 $ (0.73) $ (0.56) $ (0.02) $ 0.58 ============ ============ ============ ============ ============ Basic net income (loss) per share .................. $ 0.92 $ (0.36) $ (0.19) $ (0.02) $ 0.58 ============ ============ ============ ============ ============ BALANCE SHEET DATA: Total assets ....................................... $ 67,165,049 $ 58,271,989 $ 56,228,577 $ 55,412,969 $ 38,686,404 Investments ..................................... 21,310,788 18,545,572 17,507,422 18,965,798 13,916,571 Finance contracts, consumer loans and pay advances receivable, net .................. 13,366,005 11,710,436 10,813,881 13,792,791 9,642,163 Total liabilities .................................. 53,411,506 44,228,082 42,019,446 40,456,972 22,932,516 Unpaid losses and loss adjustment expenses ...... 13,154,617 11,424,103 11,005,337 9,765,848 6,314,307 Unearned premiums ............................... 25,689,898 14,292,343 14,951,228 13,038,417 8,037,083 Revolving credit outstanding .................... 6,383,581 7,956,101 6,676,817 8,091,034 4,650,026 Total shareholders' equity ......................... 13,753,543 14,043,907 $ 14,209,131 $ 14,955,997 $ 15,753,888 Book value per share ............................... $ 4.57 $ 4.40 $ 4.69 $ 4.49 $ 4.67